Mr. John McCarthy:

I only know a little about what it means for the budget. I must stress that there are many inputs to the budget, only one of which is the macro-economic outlook. I know what that might mean for the budgetary position, but I do not know about the other issues. I do not know the composition, consolidation figure or the full quantum. There are many moving parts below the line which need to be factored in and on which we will not have full information until later in the week or over the weekend. My mandate, as agreed in the letter, was to discuss the macro-economic position as per our discussion with the Irish Fiscal Advisory Council. The budgetary position did not arise in our discussion with the council. Our comparative advantage is on the economic side and that is what we have tried to present.